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p-Index From 2021 - 2026
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All Journal International Journal of Organizational Behavior and Policy
Elisa Tjondro
Accounting Department, School of Business and Management, Petra Christian University, Indonesia
Economics, Econometrics & Finance

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Women on Boards and Firm Value: Do Related-Party Transactions Change the Outcome? Elisa Tjondro; Calista Vidi Hartono; Patricia Rosedelaney Renan Corbella
International Journal of Organizational Behavior and Policy Vol 5 No 2 (2026): JULY 2026
Publisher : Accounting Department, School of Business and Management - Universitas Kristen Petra

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.9744/ijobp.5.2.89-104

Abstract

The purpose of this study is to examine the influence of women on boards of directors (WOB) on firm value and to determine the moderating influence of related party transactions (RPTs) in the WOB-firm value relationship. This study uses 953 observations of firms-years from 218 manufacturing firms listed on the IDX from the period of 2018-2022. The dependent variable used is Tobin’s Q, whereas the independent variables are the WOB. Related party transactions are examined through sales, purchases, and receivable-payable transactions with related parties. Technical analysis uses panel regression. Furthermore, the results show that RPT weaken the positive relationship between WOB and firm value, particularly for RPT sales and purchases. These findings suggest that the benefits of female representation on corporate boards may depend on the agency environment in which directors operate. The study contributes to the corporate governance literature by identifying RPT as a boundary condition in the relationship between female directors and firm value.
Co-Authors Calista Vidi Hartono Patricia Rosedelaney Renan Corbella